Tezos could reach a new 30-day high if it continues the rally and gains support from the broader market
The cryptocurrency market has enjoyed a decent run over the past few days, with prices of most coins up by 5% or more in the last week. Bitcoin broke the $45,000 resistance level and could be heading towards the $50,000 mark next.
Ether is also trading above $3,100, up by nearly 90% from its low price last month. Tezos is also embarking on a slow recovery, similar to the broader market. With the right market conditions, Tezos could look to break past the $3.50 level over the next few hours.
Analysts are optimistic about the market and believe prices could soar higher in the coming days. While the short-term price movement might be volatile, analysts are more optimistic about the medium and long-term market performance.
XTZ price outlook
The XTZ/USD 4-hour chart is looking bullish at the moment, similar to other major cryptocurrencies in the market. Tezos’s technical indicators are currently positive, pointing to a sign of possible further breakout in the coming hours.
XTZ is up by over 3% in the past 24 hours. If the current trend continues, the XTZ/USD pair could soon break past the first major resistance at $3.53. Any move above the $3.53 resistance level would see Tezos set a new 30-day high.
XTZ/USD 4-hour chart. Source: Coinalyze
In the event of an extended market rally, Tezos could target the $4 mark. However, it would need the support of the broader cryptocurrency market in order to sustain a rally to this level.
On the other hand, failure to break past the $3.50 resistance level could see XTZ’s price drop towards the $3.13 support level. The 4-hour 200 SMA ($2.82) should limit further downward movement unless there is an extended market sell-off.